Vietnam-EU Trade Forecast to Hit Record US$9.2Bln This Year

Bilateral trade between Vietnam and the EU is estimated to reach a record of US$9.2 billion in 2006, up 13.58 per cent versus 2005, according to the Vietnamese Ministry of Trade (MoT).

 

Of the sum, Vietnam is forecast to attain US$6.05 billion from exports to the EU, an on-year increase of 12.04 per cent, resulting in a trade surplus of US$2.9 billion.

 

Footwear exports still remain the biggest cash earner of the Southeast Asian country with a total revenue of $2 billion in 2005, doubling the figure of 2000, followed by garments and textiles with the whole export values of $820 million last year. Other export items to the EU enjoying high growth rates of over 10 per cent include seafood, plastic and woodwork products, and rubber and electronic products.

 

Last year, the two-way trade reached $8.1 billion, up 27 times over 1990 and two times over 2000. Of which, the country reaped $5.4 billion from exports, doubling the figure of 2000, spent $2.7 billion for imports from the EU, up three times against 2000.

 

In the first half of this year, Vietnam’s exports to the EU were forecast to rise by 32 per cent on-year, with 84 per cent increase in seafood and 67 per cent growth in textiles and garments.

 

Under the export development project for the 2006-2010 period approved recently by the Government, Vietnam has aimed to attain a growth rate of 14.1 per cent in exports to Asia, and 15.5-19 per cent to Europe, America and Australia.

Vietnam Economic Times